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Thornburg Mortgage Announces Redemption of Series A 9.68% Cumulative Convertible Preferred Stock.
Business Editors
SANTA FE, N.M.--(BUSINESS WIRE)--July 16, 2003
Thornburg Mortgage Inc. (NYSE: TMA) announced its intention to redeem all 2,760,000 outstanding shares of its Series A 9.68% Cumulative Convertible Preferred Stock (NYSE: TMAPrA, CUSIP No. 885218206) by converting those shares into shares of its common stock. The conversion date ("call date") is Aug. 18, 2003, at 5 p.m. Eastern Time at which time each share of preferred stock will be converted into one share of common stock. A notice of redemption and related documentation are being mailed to all registered holders of the preferred stock.
No further dividends will be paid on the preferred stock. Preferred shareholders of record on June 30, 2003, were paid the regular second quarter dividend on July 10, 2003. No conversions of preferred stock into common stock will be accepted by the exchange agent prior to the record date for the second quarter common stock dividend to ensure that a holder does not receive dividends on both the preferred stock and common stock for the same dividend period. Following the conversion of the preferred stock into common stock on the call date, converted holders who continue to hold the common stock will participate in the third quarter dividend and future dividends as common stock shareholders.
Commenting on the transaction, Larry Goldstone, president and chief operating officer of the company, stated, "Our ability to convert the preferred shares will benefit shareholders by increasing the company's book value per common share, and will not affect the existing common stock dividend rate."
The exchange agent is American Stock Transfer & Trust Co., ...
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